Skip to comments.AIG vs. CIT Group or The Pilgrims vs. Middle America
Posted on 07/18/2009 1:19:09 AM PDT by brityank
Our lovely friends at AIC/AIG (and dont forget Goldman Sachs) received upwards of $85 Billion dollars because they were too big to fail, yet the biggest lender to small and medium sized businesses, CIT Group who needs at least $2 Billion and upwards of a whopping $6 Billion (snark) is going to get thrown to the lions; and in this case, the lion is J.P. Morgan who just posted a $2.7 BILLION profit. CIT Group will become the 4th Largest Bankruptcy, and will more than likely take down numerous small and medium businesses with her while in bankruptcy.
What was I just saying about decimating the middle class and small businesses in this country? What was I saying about bringing America to her knees by destroying her economy so that the general population would be so demoralized they would allow a global government with the Pilgrims in charge?
Glenn Beck had an interview today with Charles Payne about just this subject; CIT Group and the really rich and powerful slamming the door on the rest of us so we will stay in our place.
(Excerpt) Read more at logisticsmonster.com ...
As Glenn Beck said in the video that is included in this column, "this CIT debacle is the shut-down of all Middle America" - Farmers, Dry Cleaners, Corner Restaurants, Supermarkets, you name it. I never owned my own business but was not immune to the Profit&Loss requirements of my position, but know all types of small owners, and invariably all of them rely on reasonable short-term loans to get them over their cash crunches -- whether that is meeting payroll for their employees or buying goods for future sales, or seed for future crops.
Someone told me a while back during a discussion on the Tea Parties and current political climate that we have two options: Restoration or Revolution. Seems to me that the powers-that-be are trying mightily to force Middle America - those that "cling to their guns and bibles" - into the latter option instead of the first one. I pray it does not come to that, but I do know which side I'll be on.
I don't know if this is the beginning of the end, or the end of the beginning, but either one is baaaaad news for most of us.
We are all going to be chipped in the next 20 years. Unless we resist.
There may come a time when many people simply won’t buy from those companies, but will purchase elsewhere or do without.
Ping per request from brityank.
Things will get much worse before they even begin to get better.
CIT Group who needs at least $2 Billion and upwards of a whopping $6 Billion (snark) is going to get thrown to the lions; and in this case, the lion is J.P. Morgan who just posted a $2.7 BILLION profit. CIT Group will become the 4th Largest Bankruptcy, and will more than likely take down numerous small and medium businesses with her while in bankruptcy.Funny thing about socialist pie-slicers -- they believe the pie is of limited size, and want everyone else to believe it too so they can retain their grip on power.
***Someone told me a while back during a discussion on the Tea Parties and current political climate that we have two options: Restoration or Revolution. Seems to me that the powers-that-be are trying mightily to force Middle America - those that “cling to their guns and bibles” - into the latter option instead of the first one. I pray it does not come to that, but I do know which side I’ll be on. ***
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Thanks for the ping!
You're absolutely right, SC, and the FED and the Banksters are the epitome of that type of thinking. Remember that magical time when we were on the Gold Standard, and life was good and growth seemed unending? A prime example of the 'limited pie'. They - in their finite wisdom - established that 1oz Gold = $35 and lost Fort Knox to the increased productivity of the world. (Govt.-caused inflation jumped it from $10 to $20 to $35 per ounce.) How much better to have $1 = 1/35oz Gold, or even 1/50th of an ounce, and let the world price of the ounce float. Do you still think the Dollar would be in as sad a shape? Would the US productivity have lessened more than it did compared to the rest of the world? Every country that has set up fiat money has failed, because those that set the policy fail to allow for the industry of their own citizens overall to do what is in their best interest instead of what some elitist, all-knowing, expert would mandate.
Thanks for the ping.
Seems that if the Fed has its way, pretty soon we will only have one bank that only takes in money and never lets it out. The destruction of the American Society continues.
CIT talks to bondholders; bankruptcy still feared
By Paritosh Bansal and Jennifer Ablan
NEW YORK (Reuters) - CIT Group Inc is in talks with a group of bondholders for $2 billion to $3 billion in rescue financing as it tries hard to avoid bankruptcy, a source close to the company said late on Friday.
Bankruptcy is possible if these talks fail, and CIT, a 101-year-old lender that services nearly one million small- and mid-sized businesses, is also exploring the possibility of getting debtor-in-possession (DIP) financing, the source said.
The focus of talks turned to the bondholders after earlier negotiations with JPMorgan Chase & Co and Goldman Sachs Group Inc about short-term financing out of court did not result in a deal, the source said.
~~~ ~~~ ~~~
The company sought additional help even after gaining the status of bank holding company in December so it could draw $2.33 billion of taxpayer money from the Treasury's Troubled Asset Relief Program.
But the Obama administration declined help, saying it had set high standards for granting aid to companies and leaving private investors as the one alternative to avoid collapse.
~~~ ~~~ ~~~
The New York Post reported JPMorgan could acquire CIT's factoring unit, which finances more than $50 billion of wholesale inventory, at a time of the year when the collapse of the lender could disrupt retailers holidays plans.
The ONLY way to get Restoration is to vote out the Congress that is sitting now in 2010...it will not matter in 2012 who is running for President if that bunch is not gone.
Yes, they want Revolution so they can invoke martial law and invite the UN, and other communist countries into the US to keep the peace, or in other words take over.
IF we do not come together in UNITY AND AGREEMENT on who to vote for as a conservative group we will lose any hope of keeping our country free. The House and Senate must change in order to begin any restoration, and without it NOONE as President could get anything done about restoring our nation either...it takes cooperation on Capital Hill to get anything done.
If Revolution is the only way we end up having, then we had better do it right, but that option should stay off the table until after 2010 elections are over. ACORN has already been paid through grants, stimilus and other ways to steal this election too, and if we don’t volunteer, show up and protect the votes at the polls, then the same thing that happened in Philly with the billy sticks and the Black Panters will be happening everywhere...Intimidation and tempers will be high...this is too important to lose, because we won’t get another chance if we lose in 2010. The handwriting is on the wall. There is now talk among dems about controlling the internet and free speech on blogs such as this one.//these people are communists, and they are playing for real...this is not just politics anymore.
Brit? did you see the tab on my page marked the US Constitution? Have you read it all the way through yet? (just being snarky - ;)
This is not socialism, it is communism....Karl Marx. The SDS had 100,000 members in 1968, and the members are now in congress, college professors, school teachers, corporate executives like Immelt and all were marxists then and they wanted communism, and were anti war protestors then too...not socialism...Karl Marx wrote The Communist Manifesto, and that was their playbook...they decided the US would have a worker society that was more college educated than the “workers class” in Marx’s Manifesto, so that was the target.
In 1917 the Freemasons gave Columbia University millions of dollars to start the Lincoln Progressive School, to write the education books for America, so it would be a peaceful takeover. The McGuffy readers were removed, and teachers were trained in teaching humanism, seperation of church and state, anti christian rheteric, and how to shape the minds of the next few genereations...it has been in works for a long time...it culminated in 1960’s with SDS, who are still today making titles that mean oppposite of what they want to do, because SDS stood for Students for a Democratic Society...hhahahahaha, that’s their trademark, they wanted communism not democracy, so anytime you hear their slogans like “fairness doctrine”...just know it means opposite of what they say.
Zero, and the majority of them are what was known as “red diaper babies”...taught by communist liberal parents to hate America and change it. Their heros were people like Castro brothers, Che Gevaro, and Khruschev.
I do have an explanation for your spurious commas - delivery and enunciation and breathing:
Having the gov’t fix the price of the dollar to a commodity of fluctuating value *is* an all-knowing expert mandate. Every viable country has set up so-called fiat money — also known as a modern currency system; other nations which rely on exports (often to the United States, but not exclusively) or on centrally planned economies (the old USSR, as well as its client state Cuba) fixes their currency to another commodity of fluctuating value, for example, the USD.
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